Ripple recorded some good gains last week before we saw the selling volume overpower the bulls.

The market action has left us with a confirmed double top on the 4 hour candle chart. In this kind of setup I am bearish, with the pressure on the bulls to push us past $0.85 and back into the $0.90 zones.

Current resistance is strong above $0.85 and the $0.80 support zone is getting tested as I write this report. We can also see that the indicators are confirming the bearish momentum, for the time being.

Support is between $0.60 – $0.70 in my opinion on the shorter time frame.

Lets take a quick look at the XRP vs BTC market.

Here we can see a similar situation with the double top being a bit obscured on a slanted angle, bearish action none the less.

We could see a bit of a dead cat bounce here to the 9500 sat range, however I expect the bleeding to continue should the market consolidate below this.

Support on the very near term is around 8800 sat, I am a bear on the market with possible shorts in mind should we consolidate below this. Safe trades.

Trading quotes

“Our favorite holding period is forever.” -Warren Buffett

“The financial markets generally are unpredictable. So that one has to have different scenarios… The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.” -George Soros

WARNING
Any emails/communication you might receive regarding business deals with CryptoSignals.Trade are SCAMS.
Impersonating crypto celebs / companies is a very big scam going on right now, please educate yourselves.
Premium Lifetime Membership is the ONLY product we offer at CryptoSignals.Trade